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Will The U.K. Be The Next European Nation To Experience A Massive Debt Crisis?

By Michael Snyder, on May 13th, 2010

Now that the Greek debt crisis has been “fixed” by a gigantic pile of more debt, many are wondering which European nation will be next to experience a massive debt crisis. Increasingly, all eyes are turning to the U.K. and their public debt that is spiralling out of control. The U.K. government’s deficit is projected to be approximately 13 percent of GDP in 2010, which is even worse than Greece’s 12.5 percent figure. Right now the public debt of the U.K. is “only” at 68 percent of GDP, but three years ago it was sitting at about 40 percent, so as you can see the national debt of the U.K. is absolutely exploding in size. In fact, it is now being projected that the public debt of the U.K. will exceed 100 percent of GDP within the next three years. Considering the fact that citizens of the U.K. are some of the most highly taxed people in the world already, there just is not much room for raising more revenue.

So obviously there is a problem.

A massive, unchecked, out of control problem that threatens to blow out the entire U.K. economy.

And considering the fact that it took just about everything that Europe could muster to bail out poor little Greece, how in the world is Europe going to be able to bail out the U.K. when their debt crisis violently erupts?

If Greece almost brought down the euro and the financial system of Europe, then what would a financial implosion in the U.K. do?

Considering the fact that the Greek economy is approximately 16% the size of the U.K. economy, it is very sobering to think what a “Greek style” debt crisis in the U.K. would mean for the entire world.

But if something is not done rapidly it will happen.

Just consider the following charts….

Now how in the world do you go from a deficit that is between 2 and 3 percent of GDP in 2007 to one that is above 11 percent in 2009? That takes some serious financial mismanagement. Not only that, but as we mentioned earlier, this year the deficit is projected to be approximately 13 percent of GDP. That is a level that is catastrophic.

Kornelius Purps, the fixed income director of Europe’s second largest bank is very open about the fact that he believes that the U.K. is likely the next European nation that will face a very serious debt crisis….

“Britain’s AAA-rating is highly at risk. The budget deficit is huge at 13% of GDP and investors are not happy. The outgoing government is inactive due to the election. There will have to be absolute cuts in public salaries or pay, but nobody is talking about that.”

In fact, Morgan Stanley has already warned that there is a very strong probability that some of the rating agencies may remove the U.K.’s AAA status before 2010 is over.

If that happened, it would make the crisis that we just saw in Greece look like a Sunday picnic.

So what must be done?

Well, already world financial authorities are calling for “austerity measures” and deep budget cuts to be implemented in the U.K., but the reality is that those moves will cause deep economic pain.

In fact, Bank of England governor Mervyn King recently warned that public anger over the “austerity measures” that soon must be implemented in the U.K. will be so painful that whichever party is seen as responsible will be out of power for a generation.

The cold, hard reality is that the U.K. is in for economic pain in any event. Either they cut the budget and implement severe “austerity measures” which will hit people really hard economically, or they continue on the current course and risk a much worse version of what just happened in Greece.

Not that the rest of the world should be gloating about what is going on in the U.K. either.

The financial situation in Japan is even worse than what the U.K. is dealing with, and the United States is going to have the biggest economic downfall of them all one of these days.

As we wrote about yesterday, the sad truth is that the governments of the world are rapidly running out of money and are drowning in debt. It is a gigantic mess, and the term “sovereign debt crisis” is going to pop up in the news very regularly from now on.

You see, it is not just the financial systems of the U.S. and the U.K. that are broken. The entire world financial system is fundamentally flawed and is doomed to failure.

Right now the central banks of the world can do their best to try to hold things together with a tsunami of debt and paper money, but they are not going to be able to keep up this balancing act forever.

When it does all start coming apart and the dominoes do start falling, it is going to be a complete and total nightmare. Paper currencies around the globe will lose value at breathtaking speeds as central banks flood economies with cash in an attempt to stop the madness.

But more debt and more paper never solves anything. All it does is make the long-term problems even worse.

When the tipping point comes, things are going to move fast. Let’s just hope that we all have a good bit more time to prepare before that happens.

A good bit more time????? Dream on. I believe we have already seen our last national election in the US. Obummer and his cohharts know they are toast at the ballot box, so guess what? Manufacture a national emergency and cancel the elections.

Concerned Reader

The debt crisis will probably engulf Europe first and then rattle Japan, which will face its own economic turmoil. The US will probably be the last country to experience it due to its stronger economy.

bachu

Seems to me the author has answered his own question. Britain should diss the sterling and adopt the Euro. When that happens their economic problems will be solved.

Alex Johnson

Andy, you are right on!! Americans have their heads in the sand–no clue. There will be no 2012 election.

ParLay

I understood from previous reports the rapid rise of Govt Dept to GDP as shown in the graph above was from Stimulus Money. Almost all countries around the world (including U.K. and Europe) dumped in massive amounts of stimulus money as did the U.S.

As this money dries up then things will take a turn for the worse. It’s beginning to happen and the weaker countries fall first (Greece). Their only weapon seems to be more taxes and more bailout (stimulus) money.

They currently have the highest debt to GDP ratio of any industrialized country.

Laurent Idlas

As long as the income tax is not 100% of the income there is still plenty of room for manoeuvre, next besides 100% tax rate is repossession of homes(to sell for peanuts to the rich) of cars etc as long as people have got something to put ones hands on there is a solution…so there is still hope to reach the end of the crisis. God bless the banksters.

Tim Cablish

In my opinion, everyone who has left a comment, and everybody else for that matter, should get a copy of Aftershock. It is the unfortunate tale that the three authors think, and cogently explain, that the world faces as the last of the two of six bubbles burst(maybe sooner than they think). These bubbles are the US dollar and the sovereign debt of the US. There is no easy ending from here on out. These same authors also predicted the bursting of the four bubbles that are now in action and speading up. Housing, stock market, personal spending and discretionary spending(marble countertops, etc). Good luck to all. we’ll need it.

Mark

The dominoes are falling, falling. But which way do they fall next – UK, Japan, Pigs? Not sure, but look for the US, federal reserve?, to help and this will hasten our demise. Next year – 2011 – looks to be not so good. Prepare!

Crockett

Here in the UK we’ve just ended 13 years of rampant socialism, where our economy has been destroyed, pretty much entirely by one man, our public sector has expanded phenomenally and we pay lazy sods who won’t work, more than people who do. Add to that unprecedented immigration (no, I’m not a bigot!) and you have a recipe for the disaster that’s about to happen. No mention was made about the new Prime Minister, perhaps that news hasn’t filtered across to the US yet! Let’s give David Cameron and his coalition a chance to right some of the wrongs of the past 13 years, before we write-off the UK. Bachu, the only sensible thing Gordon Brown did in 13 years was to keep Sterling – the Euro will shortly be consigned to history.

http://None Lynn Grant

Andy, and Alex…both of you are correct. I have been trying for the past year to get people around here to understand that it is very likely that there will be NO 2012 election, and quite possible NO 2010 mid-term elections either. The Big O will announce a national emergency of hugh import and declare martial law. What this will do is to render the election cycle suspended, and, what most do not realize, both houses of our government impotent, and of no effect. How long could this martial law last….as long as he wants it to, and how long would that be…how long will he live?? that’s how long. Anyway keep on trying to get people to understand your view…we need to be ready to cope. Hope it doesn’t happen…but….

PJ

These problems were well underway before Obama took office. Bush & buddies getting rid of Glassman-Steigl rule that was put in place after the last depression to prevent banks from becoming public supported gamblers was a huge mistake. This will eventually send all money to the banks after each failure.

Greenspan assumed that big finance would do things in their own interest – ie: not wreck the economy. Surprise – the CEOs don’t care about the economy, they care about the $300 billion dollars in stocks (Goldman Sacks) they’re being paid. Do they really care if they are fired? Greenspan was completely naive.

Another big problem is that executive compensation is determined by a board of other CEOs. Hey guys, let’s pay ourselves more money! What a surprise that every year the gap between what a typical worker is paid an what an exec is paid widens further and further. At some point, the average worker will only be able to pay for food and housing (renting) and that’s it. Looks like we’re getting close to that point. Enforce laws to limit executive compensation and we’ll all be better off.

Also, responding to an earlier commenter, the UK adopting the Euro would be the worst possible move. A country’s ability to devalue it’s currency by printing more is one of the most powerful ways of preventing default. Greece couldn’t print it’s own money, as it adopted the Euro, so it’s choices were default or get a bailout. Sharing currency is insanity.

Will

In reply to Mr. Waters – I share your concern about just how far Obama’s arrogant disregard for your Constitution will go. My hope is that your military (including the National Guards) will, when “push comes to shove”, throw their lot in with the freedom loving people of the United States and turn these evil scoundrels out of office and to jail where they belong. Once you have cleared the decks consider Ron Paul for President – he will bring you back to your Constitution upon which one of the greatest country ever to exist was built.

David Waugh

Given the ludicrous nature of much of the spending under recent labour governments the new conservative government should be able to rein in much spending very quickly without causing too much grief. That is not to understate the challenge that lays ahead.

The new government will also have considerable support in their aims; in addition once the state withdraws from many activities in the economy the Brits are generally very enterprising & hard working ( unlike some of the mediterranean countries)….

In the event of a sterling crisis this would the government even more authority in tackling the government spending.

Michael Purling

Europe and the United States are headed down a slippery slope as a result of their liberal welfare and entitlements given to people that have made poor choices. Why should governments continue to bail out people that make poor choices? Until liberal policies are changed to make people accountable for their actions there will be continued financial failures around the world. The United States is on the same path due to our very liberal leadership in Washington. Solving debt problems by creating more debt is not a solution.

http://none Randy Weldon

As far as cancelling the Presidential elections in 2012…I believe that will bring
on a Civil war the likes of which we cannot imagine, and the rise of a military take-over.

B Pearlman

The U.S. and U.K. are not Greece because they are not tied to the euro. They can inflate their way out of the problem. Greece can’t.

LackB

A national emergency could very well be the vehicle BHO/Dems use to suspend civil liberties and elections. What national emergency?
1) a devastating terror attack whose chances were dramatically heightened on Nov 4, 2008 and, subsequently, Jan 20, 2009.
2) Unimpeachable proof BHO is not eligible to be president of the US.
Scenario number one is the most likely since the will to protect and defend the nation has seen serious erosion with the PC posture of Homeland Security under Janet Napolitano and the DOJ under Eric Holder. Our mortal enemies, the radical jihadists, detect this new posture of appeasement as weakness and have emboldened them. Since 1-20-09, we have had four terrorist attacks on the mainland – two failed and two successful. Luck is not a strategy for national defense and the next time or the time after will likely be successful ushering in the emergency they’ve been looking for. For people like me, interment camps are our future.
Be very afraid. And pray….

B Pearlman

Fearmongers are using this crisi;s to try to eliminate America’s hard won safety net or social security and uneployment insurane. My advice is: Illegitimous non carborundum, which means, “don’t let the bastards grind you down”.

tony mattar

We are on an inexorable course of economiic ruin thanks to the liberal politicians on both sides of the ocean. Wake up America! We are caught up in this vortex and it will destroy us. Time is not on our side. We are bleeding profusely and we must apply a tourniquet of conservative sensibilty to prevent our economic demise.

Harry Mozen

You people who attribute all these imaginary evil things to Obama are out in la-la land. What we are witnessing is the outcome of years of reckless spending by Congress and the Bush administrations. And the desire of Americans to get something for nothing.

Michael

Sorry PJ it wasn’t Bush and his buddies that repealed the Glass-Steigel act. It was your old pal Bill Clinton on the advice of his economic advisor’s Larry Summers and Paul Ruben. Hmmmmmmm two very big names now in the current administration. Billy boy also encouraged Fannie and Freddie to make more risky home loans to minoritiesin the late 90’s. Gee it doesn’t take a rocket scientist to figure out when the “perfect storm” of our financial mess was created.

headtilt

England join the Euro!BACHU your nuts! stirling or the £ can devalue the Euro can’t and I like Germany do not want to carry the pigs AT ALL!!
Cameron would have a kitten along with most of the population even at the thought.

I suggest you re think that one!

thepilgrim

In reply to the original question: I don’t believe the UK will be the next “Massive Debt Crisis”, yes the situation is nearing crisis point but other “Euro” nations such as Spain, Portugal, Ireland, Italy are all experiencing similar problems. The UK is advantaged by NOT being in the “Euro Zone” which is in meltdown and cannot support further “bailouts” to it currency partners.
A great deal of the “business world’s” money is managed and controlled by UK based companies, which in turn are owned by “global” entities who are the real power players and NOT the elected politicians from any of the democratic industrialised nations. For the money men the UK and Sterling offer a more stable environment “to play games” than Europe and the Euro. The UK, Europe & the US will survive, but its going to be a struggle for the ordinary “man in the street” as normal “they will pay the price” now and for generations to come.

sharonsj

Don’t get your conspiracy shorts in a knot. There will be elections. What we need to worry about is not Europe going broke but our own states. Illinois cannot pay it’s bills, so they don’t. California sends out IOUs. 48 out of 50 states have budget shortfalls. I don’t know about Civil War, but you’ll see a lot of really upset people.

Scott’s Sense

Interesting theory by the writer of this article, except that he failed to mention (like some of the comments pointed out), that the UK (not Englund! Mispelling intentional), can print its own currency, furthermore, our debt obligations do not come due for another 5-7 years (at very low rates), whereas Greece had a massive debt that came due this year, plus another 70 billion to role over next year. Nice try on the deflection away from the euro, but it will be long screwed before the UK meets the same fate. Greece needs to have a growth rate of 7.5% next year just to service their debt interest. Bye bye Greece and the euro! Ps: One of the worlds largest bond buyers was recently quoted as saying that David Cameron (the conservative Prime Minister of UK plc)was one of the only leaders of the western world that understands this crisis and how to solve it for Britain. As long as he can get things done the way he wants in parliament (good luck to him).

http://www.thunderdrake.com/blog/ Aury (Thunderdrake)

The solutions to solving these fiat currency debt problems are pretty simple, really. Even without switching to a gold standard. The problem is that the big rich boys at the top wouldn’t want us interfering with their little pyramid schemes.

I can only keep my eyes open for a way around this economic stranglehold.

dennis dales

the glass-stegal act was removed under billy clinton

Bill J

Andy,Alex,Lyan,Will,Michael,LackB I have only one question, What are you all smoking? You all seem to lack an appreciation for the Constitution of the USA, and the electoral process that it calls for. Maybe it is time that you all move somewhere else, like Thailand,China, or perhaps the moon?

http://thedailycrux.xom Scott

Aury is right, the big boys got away w/ murder and the government let them off. Us little people are at the bottom of the pyramid. It is time for a consumer revolt- don’t buy their products or services!

honestann

I find it amazing people can force their brains to engage in conversations based upon dozens, if not hundreds or thousands of totally fictional premises. Start with all “governments”, “corporations” and other “organizations”. These are “fictitious entities”, even in law. Remember what “fiction” means – you have a concept that purports to refer to something, but no referent exists. Like SantaClaus, for example.

So called “governments” are simply illusions created and manipulated by PREDATORS to control PRODUCERS.

Understand the above, and you realize all the conversations about “debt” are utterly perposterous.

Those humans claiming to be government (and their agents) who borrowed are quite simply and obviously con-artists involved in overt fraud, theft and predatory behavior.

Anyone who loaned to them were rendered mentally defective by public (and private) education and mainstream media. I mean really, would a sane being lend their [hard earned] assets to “nothing” (a fiction)?

Also, while I can appreciate some of the ideas promoted by the “founding fathers”, what sane being would imagine he is obligated – in any way whatsoever – to anything whatsoever except that which he agreed to in a mutually voluntary, uncoerced contract? Even if I may sympathize with some of the ideas mentioned in the declaration of independence or constitution or other document created hundreds of years ago, I did not sign it, I could not have signed it, and I clearly recognize that ONLY PREDATORs claim I am obligated to do or pay anything to anyone for any reason based upon no agreement by me.

In fact, the only obligations I have absent a specific agreement… is to REFRAIN from being a predator (do not harm others, do not steal or destroy what they have produced or traded their production for, do not defraud). Which leaves me with only one way to survive on a planet with billions of other humans, that is, to PRODUCE (to create what does not exist until I take the actions necessary to make it exist, as in “plant seeds”, “mine ore”, etc).

The notion that individuals (or “gangs” of individuals with fictitious names and banners) need to borrow (go into debt) is revolting and perposterous beyond belief, especially for people (and gangs) in so-called “western” or “first-world” countries. Even before they began to climb the income ladder significantly, asians who are radically poor compared to folks called “poor” by westerners saved 15% to 25% of their income, and still do. I left home after high-school with $2000 cash I saved while working odd-jobs and summers, haven’t borrowed a dime since then, and have accumulated a few hundred ounces of savings since then by living frugal, working 80+ hour weeks for most of the past 30+ years, and by teaching myself skills and staying productive – not by trading stocks or by playing other popular financial games – but by designing computers, electronics devices, software applications, optical systems, vision systems, robotics… where-ever my interests took me. True, I did spend some fair chunks of money along the way… on machinery to produce products I designed, on design, test, prototype tools, on just about everything but what most folks would call “luxury” or “fun”. But I had lots of fun! Just about everything I did was fun. Yes, it was also difficult and frustrating fairly often… as it had to be. So what? Must everything be easy? Must everything be guaranteed? Must everything be free of risk? Duh. No.

What I think is, every human should be required to get in a time machine, go back a few hundred or thousand years, and spend a year or two living in a wilderness world without any modern technologies. The people who lived then didn’t get bailouts, they got eaten. To claim that humans today cannot do without “debt” or “welfare” in a world with 1000 years of technological development, with libraries and internet full of information about how any human can produce just about anything he might want or need… is INSANE.

However, people do need to remove the terrible shackles that weigh them down and bleed them dry (the elitists – the predators). Then humans can go about their business of being producers… and 99.9999999999% of fictional BS that humans talk about and post on the internet becomes transparently perposterous and useless. Why? Because it’s pure fiction.

http://s1028.photobucket.com/albums/y349/greggrisham/ Greg Grisham

It is all a function of the monetary system, i.e., Privatized Central Banks and Fractional Reserve Banking. The currencies in circulation have built in, exponentially expanding DEBT which can not be paid back. It’s the oldest trick in the book and it is done time and time again. Only this time at a global scale. Rather dissappointing that the article makes no mention.

Time to dissolve fractional reserve banking.
It’s time to end the Fed, and return money making to the people.
Why do we as a people borrow our own money from a private bank at interest? Which already loads the transaction with debt. It’s a manipulative rip-off and we Americans need to dissolve this practice.
If we print our money interest-free and back it by gold or some other precious metal
there will be little to no inflation too.
Central banks are the seat of evil in today’s world. They have given themselves way too much power and that needs to be taken away.

Bill Goode

One major factor omitted here is that the UK is not in the Eurozone. They can print money to their heart’s content, just as the USA does. Certainly this is not a solution, as it simply delays inevitable collapse, which looms bigger & bigger with each fiat dollar / pound / euro / yen that gets printed. But the UK is not like Greece. The collapse of Greece can be viewed as a bump in the road. Collapse of the UK will hasten collapse of the world economy.

Are you people truly that stupid? If you are, you deserve, fully, to have your noses rubbed in it.

I fail for words.

pnguine

Ah, yes: David Cameron the elitist is going to save the UK – just like Barack Obama is saving the US.

panamajim

headtilt said “BACHU your nuts!” ARE YOU FIXATING ON THEM? Fruedian slip or semi-literate?

Someone talked about respecting the constitution. I do, Obama doesn’t. He and his team of left wing Socialist/Marxist louts intentionally subvert the constitution every day in many ways. The USA is reaching the point of no return. November is likely our last chance. Vote for conservative Republicans in the primaries and elect them in November. Remember, the country you save will be your own.

Scott’s Sense

@pnguine

More like, Gordon Brown would have screwed the uk like Barack Obama. Cameron would not have bailed out disasters like GM, and, let me tell you, he will take the knife to the healthcare system and public pay here (much needed when there are more managers than surgeons) so how can you say they are the same? Their take on the economy could not be more different. Fortunately there are smarter people out there who actually know (and make) billion dollar bets on the euro are like throwing money away (relative to the pound). Don’t worry, Zimbab… I mean the US won’t be far behind the euro.

http://TheEconomicCollapse Roland Smith

We’re heading for a one world government and collapse of the current financial systems world wide, as the problem has now permeated and grown into something we can no longer control. Plans are being made at this time for a one world currency. The world as we know it is about to spin out of control.

http://www.solarenersaver.com Christopher Slevin

I remember the time in the UK when it “was a social disgrace to purchase goods on the “never never” or hire purchase” in order to enjoy instant gratification. The current crisis is the result of the slippery slide of that device., ranging through housing, banks, the stock market, and governments. The parallel ongoing destruction of the Family unit, community religious centers with their principals of restraint and responsibility have led us to “debt forgiveness.” This means that the responsible members of society pay the debts of the fiscally irresponsible. This is not the “rich” giving to the “poor”- its the burden of the middle and lower income, in paying for the layabouts,idle,and others, well able to earn an income.

serf1984

Greg Grisham nailed it, I’d add that keynesian revolution expands their control and power through ever expanding central Gov’t & eventual socialism. They will go for global governance once the pesky independent thinking americans that ‘cling to religion and guns’ (& constitution) are sufficiently demoralized and weakened to accept it. As Soros said America needs to be knocked down a few notches, and Obummer is doing a swell job of it.

Serafiglio

Gosh, the end of the world is on us. No election in 2012, Napoleon rising from the dead, riots, blood, holy war against those filthy Socialists who took over the Republican party, what a great movie! When the hysterical preach to the hysterical the world begins to look very strange. I’m more scared of these letter writers than I am of the Dobernam next door.

pnguine

@ Scott’s Non-Sense

So rich upper class elitist David Cameron is going to save you from …. the rich upper class elite? duh

Steve

The mismanagement is due to the “Keynesian Economic Approach” adopted by all parties and most of the western world. Their solution is to spend more money (public spending) and lower interest rates to stimulate the economy not giving a damn about deficits or debt.

The solution the UK has adopted is the same as the US which is to create credit so people and the Government spend more and get further in to debt. Which is precisely what caused this mess in the first place. The artificial lowering and control of interest rates to create easy credit which created the moral risk. This caused people to live beyond their means, banks to take risks, and when it hit the fan people were they were left out to dry while The banks and businesses were bailed out. Money was printed out of thin air and pumped in to the economy which debases the currency and you instantly create inflation this isn’t currently apparent (it is there and showing it’s self slowly) but mark my words it soon will be to every one.

This is precisely what happened in the Great Depression and that lasted for years. Where as the one in the 1920/1921 last about 18/20 months when absolutely no action was taken and the free market was allowed to function as it should and make the necessary corrections. It was hard for everyone but was short lived but by the Labour Government taking the wrong actions they have made it a lot worse.

Instead of the Labour Government bailing out the banks they should have allowed them to fail, reduce taxes and public spending and let the free market function as a free market. Instead they adopted a Corporatist approach and bailed out businesses which took risks and didn’t think of their consequences, took state ownership of banks etc. (People blame capitalism but this isn’t capitalism it’s corporatism)

This whole mess was predictable, a lot of economist predicted it back in 2002 onwards most of them were laughed at. I on the other hand gave them the benefit of the doubt and listened to them so I am in a much better position going in to what will be a very long and hard depression.

Jimmy

Hey Guys

Does any of this eerily ring true with many peak oil predictions? The answer is simple, local Hemp growth by local people so they can generate their own biofuel, and the rest will take care of itself. All of this is down to over dependence on fossil fuels, which are inferior to Hemp based products anyway.

The U.S.A was the epitome of Human adventurism and growth, a lot of that was down to Hemp. If it makes a big comeback, the emergency will be over.

All the best

Dr Tim Norris

When I was younger, I studied engineering and wanted to do my part to make the UK a great technical manufacturing country. What we have seen is technology marginalized and all these slick city banking types earn huge money in the past 20 years just flitting bits of paper about or digital equivalents. Rather than doing a useful study like electrical and electronic engineering to Ph. D, I should have studied economics and been involved with derivatives “products” and hedge funds, earnings pots of money. That way I would assisted to building the “air pyramids” and ponzi schemes that are typified by the London Stock Exchange and Wall Street. During the past 20 years, “Great” Britain has closed much of its manufacturing capacity as production was shifted to China. Now we face an imminent World War III as the stock markets collapse, the US bombs the guts out of Iran to help the profits of defence equipment manufacturers and imposes economic sanctions on China for assisting Iran. China itself has need for Iran’s oil, but is prepared to trade goods for the oil rather than the US and UK which simply go in with the guns and plunder Iran, Iraq and Afghanistan. We hear so much on the “war on terror”, but, in my view, the biggest terrorists are the UK and USA in collaboration.

Economically, the UK has built its “Tower of Babel” and is now reaping the consequences thereof. We should have used our excellent earlier engineering capacity in the UK to have developed nuclear fission power to enable us to free ourselves of dependence from Middle Eastern oil in the future. Incidentally, there are 1 million tonnes of Thorium in Telemark, Norway, namely enough material fissioned in a breeder reactors (Radkovski et al. balnket seed reactors) to power the World in a range of 10000 to 100000 years at present energy utilization rates. Why the **** are we wasting effort in the Middle East losing British soldiers’ lives and terrorizing the local inhabitants there, when our politicians should have the vision to the future and concentrate on the civil nuclear option, just like Iran is doing and the UK and US are wrong excusing as a feeble excuse to smash up Iran to plunder its resources and defend US dollar hegemony which allows the US just to print dollars when it needs oil, and other countries must supply goods like slaves to the USA just to earn the US dollars to buy oil (wherein oil is sold in US dollars – Henry Kissenger legacy). It is time the truth is known rather than all the stupid propanda served up in UK TV media and national newspapers which is merely the mouth pieces of the London Stock Exchange and Wall Street to support these banking types which produce nothing apart from disruptive financial bubbles which make the lives of ordinary citizens a misery. We need genuine Glass-Steagall reform quickly to get rid of this Tower of Babel financial clutter which, like a cancer, infests the London Stock Exchange and Wall Street.